On June 19th, Bitcoin went down to $17, 601. After that, it is up by around 31% since its last trading price which was denoted on Friday [the data was given by CoinDesk]. Recently, ether also went down to $880.93. However, since its last dip in June, it has shown tremendous growth which is around 106%.
This difference between the performance of both cryptocurrencies has been seen due to an upgrade done in the system of Ethereum’s blockchain which is known as merge.
Analysts have also declared that this change in the growth factor can lead to major events. Currently, the investors are looking forward to a major upgrade in the blockchain of Ethereum. That’s why it has outperformed Bitcoin even after its huge dip in the middle of June month.
The anticipated update in the blockchain technology of Ethereum will happen on the 15th of September. This has been delayed several times but finally, it looks like it’s happening. Ethereum is going to change its blockchain system from proof-of-work to proof-of-stake. Speculations have been made this change will make Ethereum’s system more efficient and faster. If this goes as planned, then Ethereum will become an energy-efficient cryptocurrency.
However, both the cryptocurrencies are still 60% low in their current value if we compare them with their highest value in November. Recently, the industry is seeing a wave of bankruptcy and liquidity problems. The industry has lost around $2 trillion in value due to recent events.
However, the current ether rally of sustainability has taken it to a new level resulting in its rapid growth which is also just in two months.
The change in the blockchain technology of Ethereum will certainly give a milestone of sustainability to the whole cryptocurrency industry. This might give other cryptocurrency platforms a chance to look upon their own systems to make it less energy consuming.
